Lee Kelsall

Operator-investor in travel, hospitality & infrastructure. Former project finance lawyer. Cape Town. Originally from the UK.

[Lee Kelsall @lskelsall]

@lloydjamesross @AJButton2 Totally agree—cloud funds $AMZN/$BABA’s offense but can split focus. Our take: $PDD is pure marketplace discipline, merchant-first. It helps high-quality volume manufacturers who can’t read demand, then scales them. Costco mindset, Bezos-level ambition.

[Lee Kelsall @lskelsall]

@lloydjamesross @AJButton2 Fair point. We just believe PDD is a pure-play marketplace, relentless in its focus on value—quality × price. JD prioritizes quality × speed, BABA has broader reinvestment opportunities. PDD is (more) disciplined in compounding scale economies shared through its core flywheel.